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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1698)7/24/2001 12:59:30 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW Stock Drops on Bond Cancellation

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Shares in Pacific Century CyberWorks today (July 23) lost more than 7% of their value following a decision by management at the troubled Internet and telecom company to cancel its first ever bond issue. The bond issue was estimated to be as large as $2.5 bil., and was intended to assist in the refinancing of $4.7 bil. in bank loans.
PCCW stock fell 7.3% to HK$1.97 ($0.25) in mid-day trade. That’s its lowest value since the company took over Cable & Wireless HKT in August ’00. PCCW closed down to HK$2.025 today, shedding 4.71% of its value over the day. At their peak in early ‘00, PCCW shares were worth HK$28.50.
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